Parker-Hannifin Corporation (NYSE:PH) Q1 2024 Earnings Call Transcript

Todd Leombruno: Excuse me, industrial. I think you’re about right on the number that you’re talking about. And again, Jenny and Lee have talked about this. We think it’s really just kind of more rebalancing, nothing overly concerning at this point in the cycle yet. I can’t say that we’re seeing anything more lumpiness from the industrial orders. There are some project-based things in there, but it’s nothing significant in comparison to the total.

Nigel Coe: Okay. Great. And as the last question, I guess, is the cleanup questions here. But I’m getting — when I bridge the current guide to the previous guide for FY ’24, I’m getting $0.40 from the margin uplift, about $0.10 in taxes [indiscernible] taxes, about $0.10 of interest. Is that right? That gets me to $0.60 or thereabouts, which is the increase. And there’s nothing [indiscernible] for FX. Is that right?

Todd Leombruno: The only thing we did for FX was updated the currency rates to September 30. So there’s a little bit of a headwind on the sales line. That translates throughout the P&L, but it’s really just an update, [indiscernible] major.

Nigel Coe: Okay. Great. Well, sorry for the low-level questions there.

Todd Leombruno: No. No worries. No worries. Yes, and we can follow up with you more.

Lee Banks: I think we’re almost at the end. I’m going to pass it back to Todd. This is Lee. I just want to say thank you for all the nice callouts from everybody. It’s 32 years. It’s been a long run. During that 32 years, I’ve worked for 4 CEOs, 3 of them directly. Every CEO has taken the baton from their predecessor and run the race faster. And I’ve got no doubt in my mind that Jenny and this team is going to do the same thing. So thank you, and hopefully, we’ll see you around.

Todd Leombruno: Lee, you’re definitely going to see us around. Congratulations to you and Elizabeth and your whole family. I know they’re going to enjoy more Lee time. And we are going to miss you. So congratulations again. Thank you to everyone for joining us today. This does conclude our FY ’24 Q1 webcast. As usual, Jeff Miller, our VP of Investor Relations; and Yan Huo, our Director of Investor Relations, will be available if anyone needs any kind of follow-ups. Thank you all for joining, and everyone, have a great day. Thanks.

Operator: Thank you, and that concludes today’s call. All parties may disconnect. Have a good day.